COVID-19 takes a bite out of NZX-listed Plexure
Plexure shifts from pure Azure as it moves some workloads to AWS.
Craig Herbison (Plexure) Credit: Supplied
NZX-listed mobile engagement and loyalty company Plexure reported a loss of $7.9 million today, blaming the COVID-19 pandemic for slower than expected growth.
Revenue from existing customers was up 15 per cent to $29.2 million for the year to 31 March while recurring revenue from license and support fees increased 14 per cent to $18.3 million.
However, that was not enough to offset a nearly $9 million year-on-year impact on the company s bottom line.
Chair Phil Norman said the board remained positive about the future of the business, having come through a difficult year well-placed pursue growth.
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Thursday, 20 May 2021, 8:57 am
Mobile engagement and loyalty company Plexure has grown
revenue during
FY 2021, despite challenging
COVID-19 conditions, and has raised capital to enable
continued investment for future
growth.
Highlights:
Recurring revenue
(license and support fees) increased 14% to
$18.3m
Rate of growth slower than anticipated due to
impact of COVID-19, although market conditions improved in
second half of the year
Loss of
$7.93million
Capital raising to accelerate new
product development and platform enhancements led to
increase in operating cost base – up 53% to
$36.94m
Cash in bank of NZ$42.4m at year end after
ASX listing raise and NZ Share Purchase Plan (SPP) to
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